SHANGHAI, Apr. 21 (SMM) – SHFE most active lead contract dipped below RMB 13,000/mt last Tuesday, but regained the losses later to end at RMB 13,500/mt, posting a weekly gain of 2%.

Spot lead prices in China surged RMB 700/mt due to strong bullish mood and tight supply. In Shanghai, spot premiums rose from RMB 0/mt to RMB 100/mt, and some smelters were still unwilling to sell even after premiums climbed. Henan’s smelters raised quotations to above RMB 50-100/mt higher than SMM lead prices. Some suppliers refused to sell spot goods last Friday. Downstream producers shied away from high prices, only buying on production needs. Large producers just accepted goods under long-term contracts.

SHFE most active lead contract may test a high of RMB 13,900/mt this week.